Buying land and waiting for appreciation (speculation), rental properties, rehabs?

It's just too speculative. 

If your not cashflowing then you're simply speculating.

I am not putting my chips on speculation or appreciation.  

 $40K for the down payment and another $80K for rehab.Now, there may be a speculative element here, too.  

I am an options trader, decent with numbers and get 20% cash on cash with non-directional, non-speculative options trading with consistency for the last 5+ years.Deal: This is the current property under contract:https://www.redfin.com/MD/Bethesda/9825-Old-George...The property has appraised for $835k as a tear down in the recent past, so purchase price seems like a good deal.

However, if you buy with a sufficient cushion of free cash flow after all expenses and reserves, then you ought to be able to weather a downturn.Of course, as others have said, finding strongly cash flowing MF properties in this market is very difficult, given the competition from well-funded investors and institutions, many of whom are buying on a speculative basis (crazy, right?).

What I do like doing is buying apartment buildings near land value as a way to speculate on land while making an income. 

At about year 15 or 20 years experience he became a successful developer in Reno NV, building luxury homes in his own 20-lot subdivision.Personally, I get excited reading about young people who start out small with the BRRRR method, like Austin and William here:@Austin Fruechting @William Collinshttps://www.biggerpockets.com/forums/48/topics/429980-officially-financially-free-at-32----exciting-dayhttps://www.biggerpockets.com/forums/223/topics/445367-full-time-employee-multiple-brrrr-side-hustle-2875-to-goalAt 2.5 years' into investing, couldn't either of them buy a vacant lot and finance construction of a "speculative" home for sale?

Which sort of brings of the speculation bubble that may or may not be forming as a consequence.